Jo Yong-byeong, Chairman of the Korea Federation of Banks, "We Must Be Fully Prepared to Serve as an Economic Breakwater"

Jo Yong-byeong, Chairman of the Korea Federation of Banks, presented three major principles on the 29th regarding the banking sector's management policy for the new year: ▲ the basics as an economic breakwater ▲ customer-centered change ▲ sustainable coexistence.

In his New Year's address announced that day, Chairman Jo stated, "In the new year, our economy will face various risks such as ongoing global conflicts and the persistence of the 'three highs' phenomenon characterized by high interest rates, high inflation, and high exchange rates," emphasizing these points.

Chairman Jo first emphasized, "For banks to fulfill their basic role as an economic breakwater, they must manage soundness and liquidity more strictly while being fully prepared to share an umbrella with customers on rainy days and walk together."

He continued, "The reason banks change is ultimately to provide greater value to customers," adding, "We must newly promote various efforts centered on customers, such as financial-nonfinancial convergence, artificial intelligence (AI), and central bank digital currencies (CBDC)." He also added, "We need to further strengthen the consumer protection system by focusing on principles such as full disclosure, suitability, and appropriateness."

Regarding coexistence finance, Chairman Jo said, "I believe there will be significant changes in the ESG management environment surrounding banks," and stated, "Following global trends, measures to strengthen ESG disclosure systems are being prepared domestically as well, so it is time to set long-term plans with a broad perspective for sustainable coexistence."

This content was produced with the assistance of AI translation services.